Cascades, which produces products from recycled paper, used to give its employees one share. It also participated in a program in the 1980s when the Quebec government provided a subsidy to those who invested in the stock market for at least three years. (CHRISTINNE MUSCHI FOR THE GLOBE AND MAIL)

Cascades, which produces products from recycled paper, used to give its employees one share. It also participated in a program in the 1980s when the Quebec government provided a subsidy to those who invested in the stock market for at least three years.(CHRISTINNE MUSCHI FOR THE GLOBE AND MAIL)

Cascades helping small investors to sell shares without a brokerage fee
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Parti Quebecois Leader Pauline Marois returns to complete her speech after being whisked off the stage by security as she delivered her victory speech in Montreal on Sept. 4, 2012. With the win, Marois becomes the first female premier in the province's history.
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Investor Roundtable

Cascades said the program’s cost won’t be material. It will take the shares, bundle them in 100-share lots and sell them back on the market.

Riko Gaudreault, director of investor relations, said the company frequently gets calls from people who have inherited just a few shares and receive the 4-cents-a-share quarterly dividend.

Disposing of those shares can cost more than their actual value and bank transaction fees can exceed the size of dividend cheques received.

“It is a bit cumbersome for everybody, for us to issue a cheque for them to cash it,” he said in an interview.

Cascades used to give its employees one share. It also participated in a program in the 1980s when the Quebec government provided a subsidy to those who invested in the stock market for at least three years.

Mr. Gaudreault believes many of the eligible investors will live in Quebec, but the shares could have been dispersed elsewhere through inheritance.

“There’s demand for it so we decided to take the bull by the horns and get that cleaned up,” he said.

The program starts Friday and will run until Dec. 17, unless extended. Those who purchased common shares through the Cascades employee share-purchase plan are ineligible to sell them without paying a commission.

Founded in 1964, Cascades produces, converts and markets packaging and tissue products composed mainly of recycled fibres. The Kingsey Falls, Que.-based company employs nearly 12,000 workers at more than 100 sites in North America and Europe.

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